Here is what you need to know.
Tech stocks got crushed by news of Facebook breach. The Nasdaq 100 fell 2.21% Monday, led by Facebook’s 8.1% plunge in the wake of a report out over the weekend that said it suffered a data breach. The Nasdaq 100 is set to open higher by 0.12%.
The Trump administration is expected to impose up to $60 billion of tariffs on China by Friday. The tariffs are expected to target technology, telecommunications and intellectual property, two officials briefed on the matter told Reuters.
Wall Street is watching one key level in the bond market. The bond market is fixated on one number: 3%.
The US government is ramping up borrowing just as its biggest lender is pulling back. The US budget deficit is set to increase sharply following the passage of President Donald Trump’s tax cuts and budget plan, just as the Federal Reserve has begun reducing its balance sheet.
The Fed begins its 2-day meeting. The central bank is widely expected to hike its key interest rate by 25 basis points to a range of 1.5% to 1.75% at the conclusion of Wednesday’s meeting.
UK inflation slows down. Consumer prices in the UK rose 2.7% in February, down from the 3% level seen in January, according to the Office for National Statistics.
Amazon is thinking about buying old Toys R US stores. The e-commerce behemoth has looked into acquiring some old Toys R US locations to expand its efforts in brick-and-mortar retail, Bloomberg reports, citing people with knowledge of the situation.
Oracle’s cloud revenue soars. The database company reported a $0.98 a share loss as a result of the new tax law, but said cloud revenue soared 32% year-over-year to $1.6 billion.
Facebook’s head of security is reportedly on his way out. Facebook’s Chief Information Security Officer Alex Stamos plans to leave the company in August, according to the New York Times.
Earnings reports trickle out. FedEx reports after markets close.
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